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Illinois Senate Approves Tax Breaks For Businesses

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SPRINGFIELD, Ill. -- Illinois lawmakers have approved a $330 million package of tax relief to businesses and individuals.

The state Senate approved the business measure 44-9 on Tuesday. The individual tax relief passed 48-4. Both now go to Democratic Gov. Pat Quinn, a supporter.

Sears and the Chicago Mercantile Exchange see the most benefit. The companies had threatened to leave Illinois without financial help from the state. The legislation offers $100 million in tax relief to them and the Chicago Board Options Exchange.

The other measure increases tax credits for the working poor and raises the personal income-tax exemption.

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The bills are SB397 and SB400.

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